EVN +4.06%: An impressive result today, the miner posting solid production amidst a rising gold price leading to record mine cash flows.
- Operating net cash flow A$561m
- Group cashflow margin of 54% with upside for 2H given gold spot price
- Cash balance as at December quarter-end of $520m
- Sector-leading All-In-Sustaining-Cost (AISC) of A$1,543/oz
As we wrote about this morning, gold should remain well-supported in the current environment. EVN continues to demonstrate operational execution as shown in this quarterly and we like the exposure to copper which lends diversification. With the stock up 20% year to date we would be cautious here, but we still like the business in the medium term. We hold EVN in the Active Growth portfolio.
MM is long and bullish EVN
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